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Musk Relocates to Texas, Criticizes ‘Complacent’ California
- SpaceX, Tesla projects draw billionaire to Lone Star state
- Move has potential tax impact on world’s second-richest man
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Elon Musk has moved to Texas to focus on two big priorities for his companies: SpaceX’s new Starship vehicle and Tesla Inc.’s new Gigafactory, currently under construction in Austin.
There also are potentially enormous tax implications for Musk, who recently became the world’s second-wealthiest person. Texas has no personal income tax, while California imposes the highest personal income levies in the nation on its richest residents.